The CHF36bn Swiss Pensionskasse des Bundes is to retain all of its 16 current investment managers following an asset/liability modelling (ALM) study of the entire fund.
The Berne-based fund for Swiss government employees began the study in April after plans were formulated for 48,000 postal workers to leave the scheme to join the new Swiss Post pension fund, Caisse de Pension Poste. This move is expected to be completed by the end of the year, pending Swiss government approval in September.
The number of departing members represents approximately one third of the total. The value of the Swiss Post portion is about CHF9.5bn.
The current asset allocation remains approximately 68% in fixed income; 25% in equities; and 7% in mortgages.
The managers are:
Bonds - Swissca, Activest, Banque Fiduciary Trust;Swiss equity - Julius Baer Asset Management, Bank Sarasin, Lombard Odier, Zuercher Kantonalbank, Credit Suisse Asset Management, Pictet;Global equity - Barclays Global Investors, Credit Suisse Asset Management;European equity - Deutsche Asset Management, ABN Amro;US equity - JPMorgan, Scudder Investments;Japanese equity: Schroder Investment Management.
Further mandate details were not disclosed.
Commenting on the purpose of the study, head of portfolio management at the fund, Felix Senn, added: “We wanted to make sure that the first study we conducted two years ago was still valid.”
The review was undertaken by Zurich-based consultants PPCMetrics.
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